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It took just one day in the new quarter for Bitcoin to trade above the $5,000 for the first time this year. Downward pressure on the crypto’s market value persisted during the first three months in 2019, but the Bulls showed some signs of life with this week’s early rally. As reported in a post on ArmyOfBitcoin.com a market rally on Monday into Tuesday’s trading drove Bitcoin (BTC) past the $5,000 level in a market rally. This added over $15 billion in overall market value to cryptocurrencies. The increase in BTC’s market value was 20 percent.
This is the news that crypto bulls have to wait to hear for quite some time in light of a steep and steady decline. BTC’s peak value was near $20,000 late in 2017, but a substantial amount a value was erased last year. Those downward trends continued into March with BTC dipping as low as $3,600. Monday’s rally was the first time the crypto’s market value breached the $5,000 since November of last year. The steepest drop in recent trading was in late December with values flirting at a level closer to $3,000.
The net gain for this rally was 16.19 percent after BTC leveled back down to $4,795.50 by the end of Monday’s trading day. The highest overall gain during the recent trading session was 22.9 percent when BTC topped out at $5,061. According to CoinMarketCap, the market value of all cryptos hit that $15 billion figure in just 90 minutes of trading.
The bears were in full control as 2018 wound to a close. The bottom value of $3,200 in late-December cast a rather large shadow across the crypto market with uncertainty for the coming year high on the list. This latest rally is a step in the right direction, but sustaining values above the $5,000 for BTC is still not a certainty.
CEO of deVere Group, Nigel Green appears to be much more optimistic. He was quoted as saying:
“I believe bitcoin will now move higher over the next few weeks and months, making steady gains for investors. As the largest cryptocurrency market cap, this will have a positive impact in the wider crypto sector.”